Duplex with Finished
1508 Elliot Avenue Minneapolis, MN 55404
New
1508 Elliot Avenue, Minneapolis, MN, 55404
$499,900
For Sale
$499,900
MULTI_FAMILY - Minneapolis, MN
Property Size3,000 SF
Lot Size0.17 Acres
Price / SF$166.63
Days on Market4
Property Features for 1508 Elliot Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 5
- Bathrooms
- 3
- Rooms
- Bedroom 5, Bathroom 3, Bedroom 4, Basement, Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 3
- Parking features
- Garage, Garage - Detached, Driveway
- Exterior features
- Vinyl
- Standard status
- Active
- APN
- 2602924310088
- Size
- 3,000 SF
- Lot size
- 0.17 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 6788
Utilities
- Heating system
- Oil
Building Details
- Year built
- 1903
- Building materials
- Frame
- Roof type
- Shingle
Listing Agency
National Realty Guild
(651) 330-8001
5200 Willson Road, Suite 150, Minneapolis, MN
Listed by
Monica Kennett
(651) 494-4000
Added: Jul 14 Checked: Jul 17 at 11:06 pm
MLS# 7105662
Listing URL
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This well-maintained duplex offers two comfortable units with functional layouts and abundant natural light. A fully finished basement provides additional space and the opportunity to configure it for enhanced residential use.
Located in Minneapolis, the property is described as being just minutes from downtown Minneapolis and within a short walk to North Central University, with convenient access to nearby schools, parks, restaurants, and public transportation.
With its duplex configuration and finished basement, the property may offer flexibility for owner-occupants and investors seeking rental income, including the possibility of expanding the residential setup to a triplex configuration as suggested in the public remarks.
Located in Minneapolis, the property is described as being just minutes from downtown Minneapolis and within a short walk to North Central University, with convenient access to nearby schools, parks, restaurants, and public transportation.
With its duplex configuration and finished basement, the property may offer flexibility for owner-occupants and investors seeking rental income, including the possibility of expanding the residential setup to a triplex configuration as suggested in the public remarks.
Key Highlights
- Duplex with 5 bedrooms and 3 bathrooms across the property
- Fully finished basement included, offering additional flexible living space
- Year built 1903 with frame construction and vinyl exterior
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $66.6k | $22.20 |
| − Vacancy | −$4.0k | −$1.33 |
| EGI | $62.6k | $20.87 |
| − OpEx | −$18.8k | −$6.26 |
| NOI | $43.8k | $14.61 |
3,000 SF · lease $22.20/SF/yr · vacancy 5.98% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$626.2K
$547.9K – $730.5K
NOI $43,832 @ 7.0% cap · market cap 8.77%
Second Best
Apartment 5plus
$575.1K
$503.2K – $671.0K
NOI $40,259 @ 7.0% cap · market cap 8.05%
Theoretical Best
Office A
$715.7K
$626.3K – $835.0K
NOI $50,102 @ 7.0% cap · market cap 10.02%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Well-maintained duplex in Minneapolis with two living units and a fully finished basement.
Where is this duplex located?
The property is located at 1508 Elliot Avenue Minneapolis, MN.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Duplex with 5 bedrooms and 3 bathrooms across the property; Fully finished basement included, offering additional flexible living space; Year built 1903 with frame construction and vinyl exterior
